Counterparty Bankruptcy Credit Event definition

Counterparty Bankruptcy Credit Event means (i) the Swap Counterparty (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) becomes insolvent or is unable to pay its debts or fails or admits in writing in a judicial, regulatory or administrative proceeding or filing its inability generally to pay its debts as they become due; (c) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (d) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition either results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up orliquidation, or is not dismissed, discharged, stayed or restrained in each case within thirty days of the institution or presentation thereof; (e) has a resolution passed for its winding up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (f) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (g) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within thirty days thereafter; or (h) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (a) to (g) (inclusive), and/or (ii) a Credit Derivatives Determinations Committee has Resolved that a Bankruptcy Credit Event has occurred in respect of the Swap Counterparty, or any analogous determination has been made by a committee or person under any definitions that replace the ISDA Credit Derivatives Definitions as the market standard terms for credit derivatives or under any amendment or supplement of the ISDA Credit Derivatives Definitions.
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Examples of Counterparty Bankruptcy Credit Event in a sentence

  • Such replacement will be chosen either by the Issuer, with the prior approval of the Trustee and (unless either a Counterparty Bankruptcy Credit Event in relation to the Swap Counterparty or a Swap Counterparty Event has occurred) the Swap Counterparty or by the Noteholders acting by Extraordinary Resolution.

  • The Calculation Agent or the Determination Agent, as applicable, shall only be liable to obtain any quotation and/or make any determination or calculation required in connection with the occurrence of an Early Redemption Trigger Date in respect of a Swap Counterparty Bankruptcy Credit Event upon the earlier of (i) it being notified by the Issuer or the Trustee of the occurrence of such Early Redemption Trigger Date and (ii) it reasonably determining that an Early Redemption Trigger Date has occurred.

  • Notwithstanding anything to the contrary in Condition 19 or the Trust Deed, any Noteholder may deliver a request in writing to the Issuer (copied to the Determination Agent and the Trustee) requesting the Issuer to convene a meeting of Noteholders to be convened to consider an Extraordinary Resolution to resolve that a Swap Counterparty Bankruptcy Credit Event has occurred and to instruct the Issuer to deliver an Early Redemption Notice in respect of the Notes.

  • For the avoidance of doubt, the Trustee shall not be required to monitor whether any Swap Counterparty Bankruptcy Credit Event has occurred and shall have no obligation, responsibility or liability for giving or not giving any notice thereof to the Issuer.

  • Until the Trustee has received express written notice to the contrary, the Trustee may assume that no Swap Counterparty Bankruptcy Credit Event has occurred.

  • Any such request must (i) describe the Swap Counterparty Bankruptcy Credit Event alleged to have occurred, and (ii) contain information that reasonably confirms that the Swap Counterparty Bankruptcy Credit Event has occurred which in the sole opinion by the Issuer is satisfactory evidence of the occurrence of the Swap Counterparty Bankruptcy Credit Event.

  • The Calculation Agent or the Determination Agent, as applicable, shall only be required to obtain any quotation and/or make any determination or calculation required in connection with the occurrence of an Early Redemption Event in respect of a Swap Counterparty Bankruptcy Credit Event upon its being notified by the Issuer or the Trustee of the occurrence of such Early Redemption Event.

  • Notwithstanding anything to the contrary in Condition 18 or the Trust Deed, any Noteholder may deliver a request in writing to the Issuer, the Determination Agent and the Trustee for a meeting of Noteholders to be convened to consider an Extraordinary Resolution to resolve that a Swap Counterparty Bankruptcy Credit Event has occurred and to instruct the Issuer to deliver an Early Redemption Notice in respect of the Notes.

  • The Disposal Agent shall be entitled to rely on a Liquidation Commencement Notice without investigation of whether the relevant Liquidation Event has occurred, save that in the case of notice from one or more Noteholders of the occurrence of a Swap Counterparty Bankruptcy Credit Event, the Disposal Agent shall be required to verify that such event has occurred by checking “www.isda.org” or any such successor website of The International Swaps and Derivatives Association, Inc.

  • Any such request must (A) describe the Swap Counterparty Bankruptcy Credit Event alleged to have occurred, and (B) contain information that reasonably confirms that the Swap Counterparty Bankruptcy Credit Event has occurred which in the sole opinion by the Issuer is satisfactory evidence of the occurrence of the Swap Counterparty Bankruptcy Credit Event.

Related to Counterparty Bankruptcy Credit Event

  • Counterparty Downgrade Collateral Account means an interest-bearing account of the Issuer with the Custodian into which all Counterparty Downgrade Collateral is to be deposited.

  • Counterparty Downgrade Collateral means any cash and/or securities delivered to the Issuer as collateral for the obligations of a Hedge Counterparty under a Hedge Transaction.

  • Reversed Credit Event Reference Obligation With respect to any Payment Date means a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period that is found in the related Reporting Period, through Xxxxxxx Mac’s quality control process, to have an Underwriting Defect or a data correction that invalidates the previously determined Credit Event.

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with additional First Lien Obligations secured by such Shared Collateral under an Additional First Lien Document which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Additional First Lien Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement.

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events:

  • Credit Event Reference Obligation means, with respect to any Payment Date, any Reference Obligation with respect to which a Credit Event has occurred.

  • Credit Event Notice means an irrevocable notice from the Issuer or the Swap Counterparty, as the case may be, to the other party (in the form and delivered in the manner described in the Default Swap) that describes a Credit Event that occurred on or after the Effective Date of the Default Swap.

  • Credit Default Swap means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

  • U.S. Credit Agreement means that certain credit agreement dated as of even date herewith by and among the U.S. Borrower, as borrower, the lenders party thereto, as lenders, and the U.S. Administrative Agent, as administrative agent.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Credit-sale contract means the same as defined in section 203.1.

  • QFC Credit Support has the meaning specified in Section 11.21.

  • DC Credit Event Announcement means, with respect to the Reference Entity, a public announcement by the DC Secretary that the relevant Credit Derivatives Determinations Committee has Resolved that an event that constitutes a Credit Event has occurred on or after the Credit Event Backstop Date and on or prior to the Extension Date, provided that if the Credit Event occurred after the Scheduled Maturity Date, the DC Credit Event Announcement must relate to the relevant Potential Failure to Pay, in the case of a Grace Period Extension Date, or the relevant Potential Repudiation/Moratorium, in the case of a Repudiation/Moratorium Evaluation Date.

  • Eligible Counterparty means an “Eligible Counterparty” for the purposes of the Law.

  • DIP Credit Agreement means the Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of April 1, 2009, among the Companies, the Investor and the other lenders and agents from time to time party thereto, after giving effect to all amendments, waivers, supplements, modifications and any substitutions therefor.

  • Credit Agreement Secured Parties means the “Secured Parties” as defined in the Credit Agreement.

  • S&P Credit Support Amount means, for any Valuation Date, the excess, if any, of:

  • Credit Support Annex means the Credit Support Annex annexed to this Agreement.

  • Acceptable Counterparty means any counterparty to the Interest Rate Cap Agreement that has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, a long-term unsecured debt rating of at least “A+” by S&P and “Aa3” from Xxxxx’x, which rating shall not include a “t” or otherwise reflect a termination risk and is otherwise reasonably acceptable to Lender.

  • Credit Event UPB With respect to any Credit Event Reference Obligation, the unpaid principal balance thereof as of the end of the Reporting Period related to the Payment Date that it became a Credit Event Reference Obligation.

  • Borrower Credit Agreement Obligations the collective reference to the unpaid principal of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, or the other Loan Documents, or any Letter of Credit, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements).

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Fitch Credit Support Amount means, for any Valuation Date, the excess, if any, of:

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Revolving Credit Agreement means that certain Revolving Credit Agreement dated as of August 30, 2004 between the Company, certain of its Subsidiaries and the banks and financial institutions listed therein, as such agreement may be replaced, amended, supplemented or otherwise modified from time to time.

  • Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable: